Trump administration officials outlined a sweeping tax reform plan Wednesday that calls for “massive” cuts for businesses and other changes that could yield big savings for American families. But administration officials voiced optimism that the proposal would spur economic growth, and said they'd reduce tax breaks elsewhere. “Tax reform is long overdue.”As the administration nears the end of its first 100 days, Cohn and Treasury Secretary Steve Mnuchin provided the contours of the administration’s long-awaited tax plan in a White House briefing with reporters. INSIDE TRUMP'S TAX PLANThe plan also would collapse the income tax system from seven to three brackets: 10 percent, 25 percent and 35 percent. The plan would also eliminate the estate tax that Republicans often deride as the 'death tax' and the 3.8 percent tax on investment income under ObamaCare.

Source: Fox News April 26, 2017 17:52 UTC